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    SPINN   FI4000507595


Delayed Quote. Delayed Nasdaq Helsinki - 01/17 11:29:49 am
12.6 EUR   +1.37%
01/13Spinnova joins the UN Global Compact
01/13Spinnova Joins the United Nation's Global Compact
2021SPINNOVA OYJ(HLSE : SPINN) added to S&P Global BMI Index
SummaryMost relevantAll NewsOther languagesPress ReleasesOfficial PublicationsSector news

Spinnova-Suzano factory construction makes headway as planned in Finland

12/02/2021 | 01:31am EST

Woodspin, the joint venture of the sustainable textile material company Spinnova and its strategic partner, pulp company Suzano, is proceeding with its factory project in Central Finland according to the original schedule. The production spaces are expected to be ready for technology installations at the end of next summer, and for the factory to be completed by end of 2022.

On the south side of Jyväskylä in Central Finland, one can already see the Woodspin factory complex take shape. The facility is the first commercial factory of Woodspin, a joint venture between Spinnova and Suzano, and a start to what will be some million tonnes of annual global volume of SPINNOVA® fibre capacity within 10-12 years.

The main contractor SRV has proceeded on schedule in the project, lead by local real-estate developer Jykia. The production spaces for manufacturing the highly sustainable SPINNOVA® fibre are estimated to be ready for technology installations at the end of summer of 2022, and for the factory to be completed by end of 2022.

The factory complex will include Spinnova's and Suzano's joint venture Woodspin's fibre production, Suzano Finland's micro-fibrillated cellulose (MFC) refining, as well as Spinnova's headquarters and some of its product development functions.

For Suzano, the MFC refining investment is the company's first ever investment outside of Brazil.  
- Building an MFC facility next to the Woodspin factory is a very important milestone for us. We at Suzano believe in Spinnova's technology that is the cornerstone of Woodspin, comments Director of Strategic Projects Ari Borg from Suzano Europe.

- The pulp is shipped to Finland in sheets, which mitigates the climate footprint of the logistics. Integrating the raw material refining into the fibre process is the most cost and energy efficient and climate friendly solution, adds Spinnova's CEO and co-founder Janne Poranen.

Spinnova has also designed the factory's energy solutions to ensure a low emission facility that runs on 100% renewable energy and recovered heat energy. In addition, the factory is planned to transfer excess energy back into the district heating network.  
- The only side stream of our process is evaporated water that is fed back into the process for the most part. Thanks to our clean production method, we don't need an environmental permit, reminds Poranen.  

The investment also brings both direct and indirect employment to the area. Besides the main contractor SRV, the project members are e.g. Arkkitehtipalvelu Oy on architecture, Vahanen Jyväskylä Oy on structural design and Elomatic Oy on heating, ventilation and air conditioning design.

Preparing for the SPINNOVA® technology delivery of the new factory is also proceeding as planned. Spinnova will communicate more on that in early 2022.

Janne Poranen
CEO & Co-founder
+358 400 138 711

For Spinnova brand and media inquiries, please contact comms@spinnova.com.

Spinnova - Sustainable textile materials, naturally

Spinnova transforms the way textiles are manufactured globally. Based in Finland, Spinnova has developed breakthrough technology for making textile fibre out of wood or waste, such as leather, textile or food waste, without harmful chemicals.

The patented SPINNOVA® fibre creates zero waste and side streams or microplastics, and its CO2 emissions and water use are minimal. SPINNOVA® materials are quickly biodegradable and circular. Spinnova is committed to using only sustainable raw materials such as FSC certified wood and waste.

Spinnova has received awards from e.g. the Fast Company, ISPO, Scandinavian Outdoor, ANDAM, Monocle and Marie Claire UK.

Spinnova's shares (SPINN) are listed on the Nasdaq Helsinki First North Growth Market.

SPINNOVA® home: www.spinnova.com
Corporate & IR site: www.spinnovagroup.com






(c) 2021 Cision. All rights reserved., source Press Releases - English

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Sales 2021 11,0 M 12,5 M 12,5 M
Net income 2021 -5,63 M -6,42 M -6,42 M
Net cash 2021 83,3 M 94,9 M 94,9 M
P/E ratio 2021 -57,3x
Yield 2021 -
Capitalization 646 M 737 M 736 M
EV / Sales 2021 51,1x
EV / Sales 2022 19,0x
Nbr of Employees 49
Free-Float -
Duration : Period :
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Mean consensus HOLD
Number of Analysts 1
Last Close Price 12,60 €
Average target price 14,00 €
Spread / Average Target 11,1%
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Janne Tapani Poranen Chief Executive Officer
Ben Selby Chief Financial Officer
Timo Juhani Soininen Chairman
Juha Matti Salmela Chief Technology Officer
Petri Poranen Chief Operating Officer
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